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- PayPal Releases Stablecoin 🪙
PayPal Releases Stablecoin 🪙
Today's stories: PayPal releases their own stablecoin, a random user burns $4.5M ETH, and interest on Maker reaches 8%.
GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:
PayPal Releases Stablecoin 🪙
Random User Burns $4.5M ETH 🔥
Maker Interest Reaches 8% 🤑
Whale Moves 🐋
Threads You CAN’T Miss 🧵
PayPal Announced The Launch of Their Stablecoin
Yesterday we saw the release of $PYUSD, PayPal’s stablecoin backed by treasuries and cash equivalents. The token will first release on Ethereum mainnet as an ERC-20; if popular enough it’ll soon find its way to other chains. It begs the question: will PayPal begin to bribe on Convex to increase $PYUSD liquidity? Time will tell whether a major institution follows in the steps of DeFi giants to succeed.
Users will be able to swap the stablecoin and redeem it for cash on PayPal. This may prove to be a desirable offramp compared to other routes should there be any issues. In conjunction with Paxos, PayPayl will post monthly reserve reports of their stable. All in all, it’s a bullish development to see a $70B company release their own stablecoin. The first of many…
Random User Burns 2,500 ETH Without Explanation
Without fail, we see seemingly unexplainable events happen in crypto. Yesterday, a user sent 2,500 ETH (~$4.5M) to a dead wallet effectively removing it from supply forever. This actually happened on July 26th but it wasn’t noticed by the community until just yesterday. Everyone is perplexed because the user did it without reason, but it was in all likelihood by mistake.
The guy who transferred 2,500 $ETH($4.58M) to a dead address on July 26th is a whale with 34,287 $GMX($1.84M) and 311,003 $GNS($1.43M).
He spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 $GMX ($1,989) and 600 $GNX ($2,733) to the dead address.
— Lookonchain (@lookonchain)
8:56 AM • Aug 7, 2023
Every user on Ethereum can thank nd4.eth for removing some more ETH from the supply forever and contributing to the ultrasound money narrative. While the ETH wasn’t technically ‘burnt,’ its presence in a dead wallet that cannot be accessed is basically a burn in actuality. The user remains a millionaire and will likely survive to see tomorrow.
The DSR on Maker Reaches 8%
DSR Deposits
MakerDAO users have voted to temporarily increase the Dai savings rate (DSR) paid to $DAI that is staked into the protocol. This is a noticeably higher than the risk-free rate found in US treasuries right now, so it is likely to suck in more liquidity on-chain. It should be noted that this is done via Spark Protocol, not available to American users and those that use VPNs.
Dai Savings Rate is now live paying out 8% at no additional risk compared to holding Dai.
Can be accessed at:
sparkprotocol.io
(Not available for Americans or VPN users) twitter.com/i/web/status/1…— Rune (@RuneKek)
5:06 PM • Aug 6, 2023
This proposal was first proposed by Rune Christensen, founder of MakerDAO, on July 19th and we’re now seeing it go live. Basically, users get to earn from protocol revenue by depositing their $DAI. In the past month, $MKR has performed extremely well outpacing most other tokens in that timeframe. As of today, more than 50% of MakerDAO revenue is from RWAs.
Notable NFT Sales in the Last 24 Hours:
CryptoPunk #6094 - Sold For 64.5 ETH ($117K)
CryptoPunk #7974 - Sold For 49.79 ETH ($90K)
Notable Threads You May Have Missed:
How @MakerDAO is changing DeFi?
What is DSR? Proposal just past on increasing it to 8%This thread will go over
▶️ Impact on DeFi sector
▶️ Bullish on $MKR, RWA?
▶️ Risk
▶️ but is it really decentralised?— 2Lambroz.eth 🦇🔊🐑 (@2lambro)
5:53 AM • Aug 7, 2023
Earlier this year, I sold all my GLP due to an observed threat to liquidity providers.
With the launch of GMX V2, a lot of what was wrong with the V1 model has been improved ✅
A 🧵 on trader PnL, funding rates, GMX V2 and more👇
— Thor⚡️Hartvigsen (@ThorHartvigsen)
4:21 PM • Aug 7, 2023
Forget about becoming a millionaire overnight 💰
But one rule will make you rich: Being early.
Don't confuse "𝐛𝐞𝐢𝐧𝐠 𝐞𝐚𝐫𝐥𝐲" with "𝐛𝐞𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭". Many miss opportunities by losing heart.
5 projects where you can still 𝐛𝐞 𝐚𝐧 𝐞𝐚𝐫𝐥𝐲 right now!… twitter.com/i/web/status/1…
— AlΞx Wacy 🌐 (@wacy_time1)
11:43 AM • Aug 7, 2023
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Conclusion
Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.
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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.
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